- Push-out Score determined
- After 37 years in the position
- Austin Willis taking over
- Charles Willis will remain as Executive Chairman at Willis Lease
- Charles Willis said 67 words
(exechange) — Coconut Creek, Florida, March 8, 2022 — Charles Willis, chief executive of Willis Lease, leaves his position. As announced by Willis Lease Finance Corp. in a news release published on Monday, March 7, 2022, and in a regulatory filing published on Tuesday, March 8, 2022, Charles F. Willis leaves his post as chief executive officer at the lessor and servicer of commercial aircraft and aircraft engines, after 37 years in the role, effective April 1, 2022.
It is the end of an era.
Charles Willis’s duties as CEO will be taken over by Austin C. Willis, currently SVP of Corporate Development at Willis Lease Finance Corp.
It is a generational change as well. Austin Willis is about 32 years younger than Charles Willis.
No reason given
In the announcement, Willis Lease did not explicitly explain the reason for the move.
Charles Willis will remain as Executive Chairman at Willis Lease
“Charles F. Willis, the founder and CEO of Willis Lease, will become the Executive Chairman of the Board of Directors upon Austin C. Willis assuming the position of CEO,” Willis Lease said.
Willis Lease said: “In connection with the appointment of Austin Willis, Charles F. Willis, IV, the Chairman and Chief Executive Officer, notified the Board of his decision to step down as Chief Executive Officer, effective April 1, 2022.”
Share price decline since March 2019
The announcement follows a decline in Willis Lease Finance Corp.’s share price of 17% since March 2019.
In the position of CEO since 1985
Charles Willis became CEO of the Company in 1985.
Charles F. Willis, IV is the founder of Willis Lease, has served as Chief Executive Officer and a Director since the Company’s incorporation in 1985, served as President until July 2011, and has served as Chairman of the Board of Directors since 1996.
Willis has over 45 years of experience in the aviation industry.
From 1975 to 1985, Willis served as President of Willis Lease’s predecessor, Charles F. Willis Company, which purchased, financed and sold a variety of large commercial transport aircraft and provided consulting services to the aviation industry.
During 1974, Willis operated a small business not involved in the aviation industry.
From 1972 through 1973, Willis was Assistant Vice President of Sales at Seaboard World Airlines, a freight carrier.
From 1965 through 1972, he held various positions at Alaska Airlines, including positions in the flight operations, sales and marketing departments.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Charles Willis’s move on a scale of 0 to 10.
exechange reached out to Willis Lease and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 11.2022 ($).